Consumers react to election—December 9, 2024

U.S. equities reached a new high with the S&P 500 peaking at a 4.5% price-to-earnings ratio, while tech stocks outperformed as interest rates fell. In fixed income, short-term interest rates dropped amid mixed economic data, with the 10-year treasury yield remaining stable and the 2-year yield hitting a six-week low. Oil prices dipped due to a tepid U.S. jobs report, and Bitcoin crossed the $100,000 mark for the first time. Economic data reflected mixed results with improved manufacturing indexes but a higher unemployment rate, indicating labor market normalization.

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